Flat | 05 September 2017
05 September 2017, USD/JPY
Technical Observation:
Instead of rallying upwards, a sharp decline has been witnessed. This is an indication that bears are still in control, however, I only expect a bearish rally only up to the daily resistance line 108.64. If this support is broken, then the price could decline further with the next best take profit being at 102.74. According to the daily chart above, its better to remain flat and pick a buy position upon a rejection from 108.64. Alternatively, you could wait and pick a short position on a breakout below 108.64. With this position, your take profit should be 102.74.
Technical levels:
Resistance levels
R3:110.517
R2:110.227
R1:109.963
Pivot
109.673
Support Levels
S1:109.409
S2:109.119
S3:108.855
Trade Signal
Flat
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
